Bank customer satisfaction dips amid pandemic: Study

Bank customer satisfaction dipped amid the Covid-19 pandemic, even as more turned to online financial services, according to an annual study by the SMU Institute of Service Excellence (ISE). Bank users gave lower satisfaction ratings and indicated lower levels of loyalty and price tolerance, the Customer Satisfaction Index of Singapore (CSISG) study found. Neeta Lachmandas, Executive Director of ISE, which conducted the survey, said bank customers became more price-sensitive, given the economic environment. Chen Yongchang, Head of Research and Consulting at ISE said, "Banks adapted to the closure of branches by ramping up their digital channels, prompting older customers who tended to not use these channels to adopt them in a big way in the past year."

The Straits Times